Maharashtra government signs investment of ₹160 billion under 'Magnetic Maharashtra' project

Mumbai: – Maharashtra government has signed Memorandums of Understanding with 12 multinational companies worth ₹160 billion, under the ‘Magnetic Maharashtra 2.0’. These investments will create employment opportunities. Moreover, confidence has been expressed that this will also provide an impetus to the industry sector.

‘Magnetic Maharashtra 2.0’ was inaugurated in the presence of Chief Minister Uddhav Thackrey and Industries Minister Subhash Desai. The economic cycle, which had stopped because of the Coronavirus pandemic, will receive momentum due to the signing of these agreements. Chief Minister Thackrey asserted during the meeting that the investors would not face any obstacles and we will live up to the expectations of the investors. The Chief Minister added that it would be ensured that no industry, small or big, coming to Maharashtra, will face any hurdles.

The agreements under Magnetic Maharashtra 2.0 have been signed with companies from the United States, China, South Korea and Singapore, along with Indian investors. The Memorandums of Understanding were signed in this respect through video conferencing. The agreements are with companies from the Data Centre, Manufacturing, Food Processing and automobile sectors.

Meanwhile, nearly 40,000 hectors of land has been reserved for these companies in the state. Under the scheme, ‘Maha Parwana’, which means the master permission, will be granted within 48 hours, instead of all the other required licenses. State Industries Minister said that an industrial labour Bureau would be started to fulfil the need for workers.